Artesian Resources Corporation Forecast and Stock Analysis
Technical ARTNA stock analysis for February 15, 2019.
| Shorts | n/a |
| Cash | n/a |
| Loans | n/a |
| Beta | 0.08 |
| ROA | 3.01 |
Artesian Resources Corporation gained 2.40% in the last trading day, rising from $37.91 to $38.82 , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 8 of the last 10 days and is up by 8.74% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 11 221 more shares were traded than the day before. In total, 20 363 shares bought and sold for approximately $790 492.00.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the ARTNA stock was $38.82. This is 2.4% more than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 2.13% from a day low at $38.01 to a day high of $38.82.
30 day high of the ARTNA stock price was $38.82 and low was $33.91.
90 day high was $38.82 and low was $32.84.
52 week high for the Artesian Resources Corporation - $40.17 and low - $32.00.
Trend
Artesian Resources Corporation has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $38.15 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $43.51 sometime during the next 3 months.
Signals
Only positive signals in the chart today. Artesian Resources Corporation holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $37.53 and $35.25. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday February 11, 2019, which indicates further gains until a new top pivot has been found. Artesian Resources Corporation has rising volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Relative Strength Index (RSI)
The stock holds a RSI14 at 79 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $35.73 and $34.66.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Artesian Resources Corporation finds support just below today's level at $35.73. If this is broken, then the next support from accumulated volume will be at $34.66 and $34.03.
Risk
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.81 (2.13%) between high and low. For the last week, the stock has had a daily average volatility of 2.33%.
The stock is extremely overbought on RSI14 (79). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stoploss: $37.20 (-4.17%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from pivot bottom found 4 days ago.)
Overall risk:
Very Low Low Medium High Very High
Evaluation: Strong Buy Candidate
Artesian Resources Corporation holds several positive signals and has broken the wide and horizontal trend up. As the stock is in great technical shape, we therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate.
